Prudential Regulatory Measures1 in Response to COVID-19 (as of September 30, 2020)
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Prudential Regulatory Measures1 in Response to COVID-19 (as of September 30, 2020)
* indicates no recent updates
Provisioning, Definition of
Consultations/ Other (reporting, stress
Jurisdiction Capital Liquidity Default and NPL-related
Implementation Timetables testing, conduct, etc.)
measures
FSB March 20: FSB encouraged local March 20: FSB encouraged use of * April 2: FSB issued a statement April 1: The G20 Finance Ministers
authorities to support use of liquidity buffers to support clients summarizing its coordination and Central Bank Governors
capital buffers by banks to extend and ensure functioning of activities, its work on assessing published a release following their
credit. The FSB also announced markets. financial vulnerabilities and virtual meeting on March 31
coordination efforts among July 15: FSB supported the BCBS setting out its re-prioritized 2020 setting out a range of measures
authorities. statement on buffer usage and work program and the criteria including working with the FSB in
July 15: FSB supported the BCBS announced that supervisors have under which this prioritization is coordination of regulatory policy
statement on buffer usage and agreed that banks will be given being determined. responses.
announced that supervisors have sufficient time to restore buffers, September 7: FSB extended the April 11: FSB issued a letter to
agreed that banks will be given taking into account economic and implementation dates by one year G20 finance ministers and central
sufficient time to restore buffers, market conditions and for its policy recommendations bank governors on its vision for
taking into account economic and individual bank circumstances. related to minimum haircut post-COVID-19 recovery, including
market conditions and standards for non-centrally evaluating the effects of reforms
individual bank circumstances. cleared securities financing and facilitating a smooth
transactions. transition from LIBOR.
April 15: FSB published a report
summarizing the principles
guiding its COVID-19 work, the
key response measures taken to
date, financial stability
implications and future work.
1
This document captures prudential, securities and related regulatory measures adopted internationally. It does not capture fiscal, monetary and related measures. For access to an IIF compilation of
such measures please follow this link: https://www.iif.com/covid-19 and then navigate to the “COVID-19 Global Policy Response Summary.”
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April 15: G20 Finance Ministers
and Central Bank Governors
published a communique in which
they committed to use their
power to support the economy
during COVID-19 and stated their
support of the financial measures
countries have taken in response
to the pandemic.
May 26: FSB, in cooperation with
BCBS, CPMI, IAIS and IOSCO held a
meeting with public and private
participants and discussed the
effectiveness of prudential and
other financial policy measures
taken to date, including
experiences with their
implementation. They also
discussed policy issues going
forward.
July 1: FSB released a statement
on the impact of COVID-19 on
global benchmark reform.
July 15: FSB published a letter
from the Chair and a report to
G20 Finance Ministers and
Governors on the financial
stability implications of, and
policy measures taken in response
to, the COVID-19 pandemic.
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BCBS March 20: BCBS announced its March 20: BCBS supported use of April 3: BCBS published guidelines March 20: BCBS said it April 8: BCBS will not collect Basel
support for use of capital buffers liquidity buffers and encouraged on including the risk-reducing temporarily suspended all open III monitoring data for the end-
by banks to accommodate credit the use of HQLA stocks. effect of measures banks have consultations and postponed June 2020 reporting date to
and absorb losses during the June 17: BCBS discussed the taken in response to COVID-19 jurisdictional assessments for increase operational capacity for
crisis. impact of COVID-19 and when calculating regulatory remainder of 2020. banks.
June 17: BCBS discussed the reiterated guidance on liquidity capital requirements. March 27: BCBS announced the September 25: BCBS approved an
impact of COVID-19 and buffers. They also stated that Additionally, BCBS will amend its deferral of the Basel III updated workplan to evaluate its
reiterated guidance on capital supervisors will provide banks transitional arrangements for the implementation deadline by one post-crisis reforms, which will
buffers. They also stated that sufficient time to restore buffers, regulatory capital treatment of year to January 1, 2023. The incorporate lessons learned from
supervisors will provide banks taking into account economic and ECL accounting. deadlines for the revised market the COVID-19 crisis.
sufficient time to restore buffers, market conditions and individual risk framework and revised Pillar
taking into account economic and bank circumstances. 3 disclosure requirements have
market conditions and individual September 25: BCBS reiterated its also been pushed to January 1,
bank circumstances. previous guidance to make use of 2023.
September 25: BCBS reiterated its the Basel III capital and liquidity April 3: BCBS will defer the
previous guidance to make use of buffers. implementation of the revised G-
the Basel III capital and liquidity SIB framework by one year, from
buffers. 2021 to 2022.
April 3: BCBS and IOSCO have
agreed to extend the deadline for
completing the final two
implementation phases of the
margin requirements for non-
centrally cleared derivatives, by
one year to September 1, 2022.
IOSCO * * April 3: IOSCO supported April 3: IOSCO and BCBS have March 25: IOSCO announced
professional judgment in applying agreed to extend the deadline for coordination activities with other
accounting standards rather than completing the final two standard setters and support for
applying in a mechanistic manner. implementation phases of the actions designed to maintain
margin requirements for non- market efficiency, liquidity and
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measures
centrally cleared derivatives, by access. Particular focus on
one year to September 1, 2022. operational and financial
April 8: IOSCO has reprioritized its resilience of FMIs and information
work program to focus on the flows.
direct effects of COVID-19 on May 29: IOSCO issued a
market-based finance. statement on the importance of
disclosure concerning COVID-19
related impacts.
IASB * * March 27: IASB released a March 27: IASB said the release of *
statement clarifying how to apply several amendments to IFRS
IFRS 9 during this time of standards will be delayed until
uncertainty. The Board also states May 2020, though IBOR reform
that it is working with regulators work and amendments to IFRS 17
in the current environment and will proceed as planned.
encourages companies to April 10: IASB is considering
consider guidance provided by whether to propose a deferral by
prudential and securities one year of IFRS Standards,
regulators. extending ongoing consultation
April 17: IASB decided to propose periods, and delaying publication
an amendment to the leases of new consultations.
Standard, IFRS 16, to help April 17: IASB decided to propose
companies account for covid-19- extending by one year the
related rent concessions, such as effective date of an amendment
rent holidays. to IAS 1, extend three month of
consultation period for three
consultations, and defer several
consultations for a year.
July 15: IASB deferred by one year
the effective date of Classification
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of Liabilities as Current or Non-
current within IAS1.
FATF * * * April 28: FATF extended deadlines April 1: FATF released a
for mutual evaluations and statement on the efforts it has
follow-ups. taken in response to COVID-19.
May 4: FATF released a paper on
AML/CFT risks during the COVID-
19 pandemic, along with
recommended policy actions, and
a listing of policy measures
various jurisdictions have taken in
response to the theat.
European March 12: ECB said banks can March 12: ECB advised it would March 20: ECB exercised flexibility March 12: EBA said EU stress- March 16: ESMA temporarily
Union fully use capital buffers and that allow banks to operate regarding the classification of tests have been postponed to lowered the reporting threshold
banks will benefit from relief in temporarily below the liquidity debtors as “unlikely to pay” on 2021. In 2020, the EBA will for holders of net short positions
the composition of capital for coverage ratio. public guarantees granted. instead carry out an additional in shares traded on an EU
Pillar 2 Requirements. Banks are July 28: ECB committed to allow March 20: ECB recommended EU-wide transparency exercise. regulated market.
also expected not to increase banks to operate below the LCR that all banks avoid procyclical March 20: ESMA extended all March 19: ESMA set out an
capital distributions in response until at least end-2021, without assumptions in their models to consultation deadlines for four approach to the Securities
to these measures. automatically triggering determine provisions. weeks. Finance Transactions Regulation.
March 27: ECB asks banks not to supervisory actions. March 25: EBA released a March 25: EBA said the deadlines March 20: ESMA clarified its
pay dividends for 2019 or 2020 statement on the application of of ongoing public consultations position on call taping under
until at least October 1, 2020. the prudential framework with will be extended by two months MIFID II.
Banks should also refrain from regards to classification of default, and public hearings will be March 27: ESMA recommended
share buy-backs aimed at forbearance, and IFRS 9. postponed. that Member State authorities
remunerating shareholders. March 25: ESMA issued guidance March 31: EBA provides details on accept delayed financial reports
March 31: EBA reiterated and on accounting principles, its call for leeway on reporting from issuers.
expanded its call to institutions to including moratoria on repayment dates, urging one-month flexibility
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refrain from the distribution of of loans and the calculation of for reports with remittance dates March 31: ESMA encouraged
dividends or share buybacks for expected credit losses in between March and the end of national competent authorities
the purpose of remunerating accordance with IFRS 9. May 2020. EBA also called for not to prioritize supervisory
shareholders and assess their April 2: EBA issued guidelines on flexibility in assessing deadlines of action against execution venues
remuneration policies in line with the requirements of public and institutions’ Pillar 3 disclosures. and firms in respect of the
the risks stemming from the private moratoria given COVID-19. Also the EBA, in coordination with deadlines of the general best
economic situation. April 22: EBA provided further the BCBS, has decided to cancel execution reports under MiFID II.
April 1: SRB has published clarity on the prudential the Quantitative Impact Study March 31: EBA, in coordination
commentary by its Chair which application of the definition of (QIS) based on June 2020 data. with the BCBS, has decided to
acknowledges capital relief default and forbearance as well as April 6: European Commission cancel the Quantitative Impact
measures undertaken by how the EBA Guidelines on extended deadlines for Study (QIS) based on June 2020
Authorities in the region and legislative and non-legislative responding to its four 2020 data.
states that such measures will be moratoria on loan repayments banking and finance April 1: SRB has published
taken into account in future MREL apply to securitizations. consultations. commentary by its Chair which
decisions. June 19: European Parliament April 9: ESMA decided to further discusses operational relief
April 8: SRB provided additional approved changes to the capital extend the response date for the measures being adopted by the
clarity on its approach to requirement regulation and consultation on the MiFID II/MiFIR Board.
minimum requirements for own clarified the treatment of IFRS 9 review report to June 14. April 7: ECB announced a series of
funds and eligible liabilities and expected credit loss. April 9: ESMA postponed the collateral easing measures to
(MREL), including the setting of September 21: EBA announced it application of the annual non- increase capacity to provide
MREL targets, taking the impact would phase out certain elements equity transparency calculations funding and liquidity.
of the COVID-19 crisis into of its legislative and non- and the calculations for the April 9: ESMA acknowledged that
account. legislative loan moratoria that systematic internalizer test for COVID-19 has made it difficult for
April 16: ECB announced it will were introduced in response to derivatives, ETCs, ETNs, emission fund managers to file certain
temporarily allow lower capital COVID-19. reports and encouraged National
allowances and structured finance
requirements for market risk by Competent Authorities to adopt a
products under MiFID II.
reducing the qualitative market risk-based approach and not
risk multiplier for six months. May 4: EBA, EIOPA and ESMA prioritize supervisory actions.
April 22: EBA proposed to adjust published joint draft Regulatory April 9: ESMA issued a statement
the capital impact for market risk Technical Standards to amend the
to promote National Competent
Delegated Regulation on the risk
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by amending its standards on mitigation techniques for non- Authorities regarding the
prudent valuation, including a use centrally cleared OTC derivatives timeliness of fulfilling external
of 66% aggregation factor until to incorporate a one-year deferral audit requirements for interest
December 31, 2020. of the two implementation rate benchmark administrators
April 28: European Commission phases of the bilateral margining and contributors to interest rate
proposed amendments to the requirements. benchmarks.
EU's banking prudential rules, June 18: EBA extended the
April 15: ECB issued a non-
proposing exceptional temporary deadline for the application of its
objection decision supporting
measures by adapting the guidelines on payment moratoria
timeline of the application of by three months to September national macroprudential
international accounting 30, 2020. In addition, they authorities’ macroprudential
standards on banks' capital, by highlighted that the measures taken in response to
treating more favorably public implementation timeline COVID-19.
guarantees granted during this envisaged in the EBA’s IRB April 15: ESMA said it supports
crisis, by postponing the date of roadmap to repair internal decisions by national regulators to
application of the leverage ratio models remains overall place restrictions on short selling
buffer and by modifying the way unchanged. and is coordinating alignment of
of excluding certain exposures the renewal process.
from the calculation of the April 22: ECB adopted temporary
leverage ratio.
measures to mitigate the effect
June 19: European Parliament
on collateral availability of
approved changes to the capital
possible rating downgrades.
requirement regulation, including
the deferral of implementation of May 14: ESRB released a
the leverage ratio buffer to statement with a set of
January 2023. Although not recommended actions in five
mentioned in the press release, priority areas in response to
the draft resolution also proposes COVID-19.
additional flexibility to competent May 14: ESMA expressed its
authorities in relation to the support for ESRB’s proposal that
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market risk multiplier to mitigate national regulators enhance
the negative effects of the supervision of investment funds
extreme market volatility. with significant exposures to
July 9: EBA released a statement corporate debt and real estate.
on resolution planning in May 18: ESMA noted that several
light of the COVID-19 pandemic national regulators did not renew
and updated its view on MREL
emergency restrictions on short
decisions.
selling and similar transactions.
July 28: ECB extended its
recommendation that banks not June 2: EBA released guidelines to
pay dividends until January 2021 address gaps in reporting and
and issued a letter with its disclosure caused by COVID-19.
expectation that banks exercise June 8: ESRB released a statement
extreme moderation on variable detailing its second set of actions
remuneration to conserve capital. in response to COVID-19,
July 28: ECB committed to allow including a recommendation that
banks to operate below the P2G distributions be restricted.
and the combined buffer June 11: ESMA renewed its
requirement until at least end- decision to temporarily require
2022, without automatically the holders of net short positions
triggering supervisory actions. to notify the relevant national
September 17: ECB announced competent authority if the
that it would allow banks to position exceeds 0.1% of the
exclude central bank exposures issued share capital.
from the leverage ratio until June July 7: EBA released a report
27, 2021.
clarifying the implementation of
adjustments to the prudential
framework due to COVID-19.
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August 7: EBA provided clarity on
the implementation of the
reporting and disclosure
framework in the context of
COVID-19 measures.
August 11: EBA published
guidance on the impact of CRR
adjustments in response to the
COVID‐19 pandemic on
supervisory reporting and
disclosure.
August 14: EBA updated its work
program for 2020 in light of the
COVID-19 pandemic.
September 17: ESMA renewed its
decision to temporarily require
the holders of net short positions
to notify the relevant national
competent authority if their
position exceeds 0.1% of the
issued share capital.
September 30: EBA published its
work program for 2021, including
work to address the effects of
COVID.
United States March 17: FRB, FDIC, and OCC March 17: FRB, FDIC, and OCC March 19: The FDIC Chairman March 24: FRB stated that it will March 24: FRB announces
encouraged banks to use their encouraged banks to use their asked FASB to delay transitions to grant firms additional time to adjustments to its supervisory
capital buffers and issued an liquidity buffers. certain accounting rules including resolve non-critical existing approach with increased
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interim final rule to introduce a April 23: FRB announced those related to CECL and TDR supervisory findings, but CCAR monitoring and outreach and
technical change to make any temporary measures to help classifications. capital plans should still be reduced examination activities,
automatic limitations on capital increase the availability of March 22: FRB, CSBS, CFPB, FDIC, submitted by April 6. especially for small financial
distributions more gradual. intraday credit by suspending NCUA, and OCC announced they March 31: FRB said it would delay institutions.
March 23: FRB issued an interim uncollateralized intraday credit will not direct institutions to the effective date for its revised March 24: FRB delayed the
final rule to introduce a technical limits and permitting a automatically categorize loan control framework by six months. implementation of changes to
change to make any automatic modifications as troubled debt April 2: FRB, FDIC, OCC, SEC, and procedures governing the
streamlined procedure for
limitations on capital distributions restructurings. CFTC said they would consider provision of intraday credit to U.S.
secondary credit institutions to
under the TLAC rule more March 27: FRB, FDIC, and OCC comments on their proposal to branches and agencies of foreign
request collateralized intraday announced an interim final rule update the Volcker Rule’s covered banking organizations by six
gradual. credit.
March 27: FRB, FDIC, and OCC that would provide flexibility to funds provision until May 1, a months.
May 5: FRB, FDIC, and OCC allow banks to mitigate the month later than originally March 25: SEC has extended
said they would allow early
announced an interim final rule to effects of CECL. announced. certain reporting deadlines for
adoption of SA-CCR.
April 1: FRB announced a adjust the Liquidity Coverage April 7: SEC said that financial April 10: CFTC announced it public companies and issued
temporary change to its Ratio for banks participating in institutions that take advantage of would extend deadlines for guidance on COVID-19 related
the Money Market Mutual Fund the CARES Act provision that certain open consultations. disclosures.
supplementary leverage ratio
Liquidity Facility and the Paycheck allows the deferral of April 27: FRB and FDIC announced March 31: CFTC has issued no-
rule, which would exclude U.S.
Protection Program Liquidity implementation of two GAAP that they would extend the action relief to foreign affiliates of
Treasury securities and deposits standards will not be in violation certain futures commission
Facility. comment period for their
at Federal Reserve Banks from the of GAAP. merchants affected by COVID-19,
proposed guidance for large
calculation of the rule for holding April 22: OCC, FRB, and FDIC which will last until September 30.
foreign banks’ resolution plans by
companies until March 31, 2021. announced a final rule with April 8: SEC issued a statement on
30 days.
April 6: FRB, FDIC, and OCC changes to the interim final rule the importance of robust
May 6: FRB and FDIC extended
announced two interim final rules of March 27 on CECL disclosures and reporting during
for community banks, including a the deadlines for two resolution
implementation. COVID-19.
change to the community bank plan requirements. April 14: FRB, FDIC, OCC, NUCA,
leverage ratio. May 28: CFTC approved an and CFPB issued an interim final
April 7: FRB, OCC, FDIC, CFPB and interim final rule to grant an rule to temporarily defer real
NCUA issued a revised extension of the compliance estate-related appraisals and
interagency statement on loan schedule for initial margin evaluations and related reporting
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modifications. The statement requirements for uncleared swaps requirements under the agencies'
includes supervisory in response to COVID-19. interagency appraisal regulations.
interpretations on past due and June 10: CFTC extended elements June 15: FRB announced that it
nonaccrual regulatory reporting of its COVID-19 no-action relief will resume examination activities
of loan modification programs through September 30, 2020. for all banks, after previously
and regulatory capital. announcing a reduced focus on
April 9: FRB, FDIC, and OCC exam activity in light of COVID-19.
announced an interim final rule to June 23: FRB, FDIC, OCC, NCUA,
encourage lending through the and state regulators issued
Small Business Administration's guidance to examiners to
Paycheck Protection Program promote consistency and
(PPP), clarifying that a zero flexibility in oversight of financial
percent risk weight applies to institutions affected by COVID-19.
loans covered by the PPP for
capital purposes.
April 30: FRB clarified that the
interest in a Main Street
loan retained by an Eligible
Lender should be
assigned the risk weight
applicable to the counterparty for
the loan in a FAQ.
May 15: FRB, FDIC, and OCC
announced an interim final rule
permitting depository institutions
to choose to exclude U.S.
Treasury securities and deposits
at Federal Reserve Banks from the
calculation of the supplementary
leverage ratio.
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June 25: FRB decided to suspend
share repurchases and restrict
dividends for the third quarter of
2020.
September 29: FRB finalized a
rule to neutralize the regulatory
capital and liquidity effects for
banks that participate in certain
Fed liquidity facilities.
Argentina * * March 19: Central Bank of the * *
Argentine Republic arranged for
the provisional flexibility of the
parameters with which bank
debtors are classified.
Australia March 19: APRA announced March 30: APRA allows March 23: APRA provided March 23: APRA said it is April 1: APRA announced changes
support for use of capital buffers authorized deposit-taking flexibility for treatment of suspending all prudential to reporting obligations in
to promote ongoing lending to institutions to include the benefit payment holidays and framework consultations and response to COVID-19.
the economy. of the Initial Allowance in the reorganized loan repayments that actions on all non-essential April 1: APRA and ASIC release a
April 7: APRA released a calculation of the Liquidity such arrangements are not matters until at least September letter on the impact of COVID-19
statement that it expects ADIs Coverage Ratio, Minimum treated as in arrears or 30, 2020. The implementation for superannuation trustees.
and insurers to limit discretionary Liquidity Holdings Ratio and Net restructured. dates for recently finalized rules April 8: APRA will suspend issuing
capital distributions, including Stable Funding Ratio from 31 July 8: APRA announced an will be reconsidered. new banking or insurance licenses
dividends. The statement includes March 2020. extension of its temporary capital March 23: ASIC has immediately for at least six months.
guidance for determining treatment for bank loans with suspended a number of near-term April 8: ASIC released feedback on
distributions. APRA also expects repayment deferrals, as well as activities which are not time- financial institutions' preparation
that Boards will appropriately temporarily adjusting the capital critical, including consultation and for LIBOR transition recognizing
limit executive cash bonuses. treatment of restructured loans. reviews. that disruptions from the COVID-
May 7: APRA released an FAQ on September 9: APRA issued a letter March 30: APRA announced it is 19 outbreak may affect the timing
its expectations for the regulatory outlining its response to its deferring its scheduled
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capital approach for loan consultation on capital measures implementation of the Basel III of some aspects of institutions’
repayment deferrals and and reporting requirements for reforms in Australia by one year. transition plans.
clarifications on its guidance for loans impacted by COVID-19. April 16: APRA announced new April 14: ASIC released a
mortgage lending. commencement dates for statement detailing how its
May 19: APRA published an FAQ prudential and reporting regulatory work and priorities
on market risk capital standards. have changed in response to
requirements in response to August 10: APRA announced it COVID-19.
COVID-19. will recommence public August 31: APRA has published its
June 17: APRA updated its FAQ to consultations on select policy 2020-2024 Corporate Plan, which
provide clarification on the reforms and begin a phased has been updated to account for
standardized approach to credit resumption of the issuing of new the substantial impact of the
risk-weighted assets. licenses. COVID-19 pandemic.
July 29: APRA updated its capital
management guidance for banks
and insurers, easing restrictions
around paying dividends.
August 13: APRA issued a
consultation letter to banks
regarding capital measures and
reporting requirements for loans
affected by COVID-19.
Belgium March 11: National Bank of * April 15: National Bank of Belgium * March 13: National Bank of
Belgium lowered the counter- released a Q&A for credit Belgium wrote to its banks
cyclical buffer level from 0.5% to institutions on the moratorium welcoming the measures of
0% to support banks in extending and guarantee scheme including EBA/ECB and stating its intention
credit facilities to customers. prudential and accounting to apply them in full.
April 1: National Bank of Belgium implications. March 17: FSMA announces
expects banks to comply with ECB prohibition of short selling.
recommendation regarding April 2: FSMA announced an
dividend distribution policy in the explanation regarding recording
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context of the management of the of telephone conversation under
coronavirus. MiFID II.
June 30: National Bank of Belgium April 14: National Bank of Belgium
said it would keep the announced an extension for
countercyclical capital buffer at certain reporting requirements in
0% in Q3. accordance with EU-level
July 30: National Bank of Belgium changes.
extended its recommendation to April 15: FSMA extended the
suspend dividend payments until prohibition of short selling until
at least January 1, 2021 and May 18.
encouraged a cautious attitude May 18: FSMA suspended the ban
towards variable remuneration on creating or increasing net short
and profit sharing. positions as of May 19.
September 30: National Bank of
Belgium kept the countercyclical
capital buffer at 0% and
maintained its expectation not to
increase at least until Q3 2021.
Brazil March 16: Banco Central do Brasil Late February: Banco Central do March 16: Banco Central do Brasil April 20: Banco Central do Brasil *
reduced the Conservation Capital Brasil reduced the reserve reduced provisioning rules for the postponed the deadline of Pillar 3
Buffer from 2.5% to 1.25% for one requirement ratio on time refinancing of certain loans for six reporting to June 30.
year. deposits and increased the months.
amount of reserves considered
High Quality Liquid Assets.
Canada March 13: OSFI lowered the March 27: OSFI announced March 27: OSFI announced March 13: OSFI said that no buffer April 3: OSFI released a statement
Domestic Stability Buffer flexibility adjustments to the LCR transitional arrangements for increases would happen for at detailing the steps it has taken to
requirement from 2.25% of RWA and NSFR frameworks and expected loss provisioning and least 18 months. support the resilience of financial
to 1% of RWA. encouraged banks to utilize provided guidance to the institutions.
liquidity pools. application of IFRS9. They also April 9: OSFI announced
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March 13: OSFI set out an stated that loans subject to March 13: OSFI said that it will extensions of several regulatory
expectation that dividend payment deferral arrangements suspend all consultations and new filings.
increases and share buybacks will not be deemed as non- policy development. April 16: OSFI released a
should be paused. performing. March 27: OSFI acknowledged comprehensive FAQ to explain the
March 27: OSFI encouraged banks April 9: OSFI expressed their view and adopted the revised BCBS policy responses it has taken in
to use leverage ratio buffers and that a maximum add-back of 70% timetable for Basel III regard to COVID-19.
announced transitional of allowances to Common Equity implementation. Further they June 8: OSFI further extended
arrangements for capital Tier 1 capital is appropriate for announced that the 2020 regulatory return
treatment of expected loss ECL accounting. implementation date for FRTB implementation deadlines.
provisioning. August 31: OSFI will gradually and CVA will be delayed until August 6: OSFI published a
March 30: OSFI determines phase out the special capital January 2024. newsletter including plans to
capital treatment of loans to treatment of loan deferrals that April 9: OSFI extended the restart policy development and
SMEs under programs to support was provided to banks at the start deadline for the implementation consultations with the financial
COVID-19 efforts. of the pandemic. of the final two phases of the sector.
April 9: OSFI temporarily excluded initial margin requirements for
central bank reserves and HQLA non-centrally cleared derivatives
sovereign-issued securities from by one year.
the leverage ratio exposure
measure.
April 9: OSFI is lowering the
capital floor factor from 75% to
70% until the domestic
implementation of the Basel III
capital floor expected in Q1 2023.
April 17: OSFI has released a
COVID-19-related explanatory
memo on Basel III and bank
capital, buffer utilization, and
related dividend restrictions.
iif.com © Copyright 2020. The Institute of International Finance, Inc. All rights reserved. Page 15Provisioning, Definition of
Consultations/ Other (reporting, stress
Jurisdiction Capital Liquidity Default and NPL-related
Implementation Timetables testing, conduct, etc.)
measures
May 1: OSFI issued a letter stating
expectations on the use of Pillar II
capital buffers for DTIs using the
Standardized Approach to credit
risk.
June 23: OSFI announced that the
Domestic Stability Buffer will
remain at 1% of total risk-
weighted assets.
July 15: OSFI released a statement
supporting the recent statements
issued by the BCBS and the FSB
reinforcing the usability of banks'
capital buffers.
China * April 3: PBOC will cut the required * * *
reserve ratio for small and
medium banks by 1% with
reductions of 0.5% on both April
15 and May 15.
April 7: PBOC released an FAQ on
targeted reserve ratio
requirement cuts.
Finland March 16: FIN-FSA confirmed that March 16: FIN-FSA confirmed that April 6: FIN-FSA announced that it March 24: FIN-FSA extended time June 25: FIN-FSA confirmed that
banks are temporarily exempt banks are temporarily exempt will comply with EBA standards on for reporting by non-life and life only parts of the EBA Guidelines
from fulfilling certain additional from fulfilling certain additional legislative and non-legislative insurance companies. published June 2 on additional
capital requirements. liquidity requirements. moratoria on loan repayments. June 29: FIN-FSA will comply with reporting and disclosure
March 17: FIN-FSA lowered bank May 7: FIN-FSA clarified that the EBA’s extension of payment requirements in the context of
capital requirements by 1% by adoption of a transitional COVID-19 will be mandatory.
iif.com © Copyright 2020. The Institute of International Finance, Inc. All rights reserved. Page 16Provisioning, Definition of
Consultations/ Other (reporting, stress
Jurisdiction Capital Liquidity Default and NPL-related
Implementation Timetables testing, conduct, etc.)
measures
removing the systemic risk buffer provision under the CRR may be moratoria deadlines to September July 3: FIN-FSA said that in line
and adjusting bank-specific used to mitigate the impact of 30. with an earlier ESMA decision, the
requirements of all credit expected credit-loss provisioning net short position reporting
institutions. under IFRS 9 on CET1. threshold remains at 0.1%.
March 17: FIN-FSA will closely August 20: FIN-FSA announced it
monitor that banks use the has applied the updated EBA
positive effects of measures to
guidelines on legislative and non-
mitigate the impact of the crisis
legislative moratoria on loan
and not to channel them into the
payment of dividends or repayments.
performance bonuses.
March 30: FIN-FSA issued a
recommendation to supervised
banks to refrain from dividend
distributions until October 1.
April 6: FIN-FSA decided to
remove the additional capital
requirement of the systemic risk
buffer for certain banks in
addition to other systemically
important institutions.
June 29: FIN-FSA decided to
maintain the countercyclical
capital buffer rate at 0.0% and
relaxed the residential mortgage
loan cap.
July 29: FIN-FSA extended the
validity of its profit distribution
recommendation that credit
iif.com © Copyright 2020. The Institute of International Finance, Inc. All rights reserved. Page 17Provisioning, Definition of
Consultations/ Other (reporting, stress
Jurisdiction Capital Liquidity Default and NPL-related
Implementation Timetables testing, conduct, etc.)
measures
institutions under its supervision
do not pay or commit to pay
dividends or other profit
distributions until January 1,
2021. The recommendation also
applies to repurchases and
redemptions of shares.
September 30: FIN-FSA decided to
maintain the countercyclical
capital buffer rate at 0% and kept
the loan caps unchanged.
France March 18: French authorities to * April 7: AMF clarified accounting * March 17: AMF announced a
reduce the countercyclical capital standards for calculation of short selling ban for one month.
buffer from 0.25% RWA to 0% expected credit losses in light of April 8: AMF has published a
RWA in accordance with the ECB recent announcements from statement clarifying appropriate
proposal. ESMA, EBA, and IASB. fund and risk management
March 30: ACPR called on credit protocols for asset managers
institutions under its direct during the COVID-19 crisis.
supervision and finance April 9: ACPR announces a
companies to refrain from relaxation of the reporting
distributing dividends or conditions for the banking sector.
undertaking buybacks until at April 15: AMF announced the
least October 1. extension of the net short
April 1: High Council for Financial position ban until May 18, 2020
Stability lowered the and issued an FAQ to clarify
countercyclical capital buffer to details of the ban.
0% as of 2 April.
iif.com © Copyright 2020. The Institute of International Finance, Inc. All rights reserved. Page 18Provisioning, Definition of
Consultations/ Other (reporting, stress
Jurisdiction Capital Liquidity Default and NPL-related
Implementation Timetables testing, conduct, etc.)
measures
July 28: ACPR called on financial May 18: AMF suspended the ban
institutions to follow the ESRB’s on the creation or increase of net
recommendations on short positions.
distributions of dividends,
variable compensation, and share
buybacks.
Germany March 18: Deutsche Bundesbank March 20: BaFin announced in its March 27: BaFin and Deutsche April 2: BaFin and Deutsche March 19: BaFin clarified the
announced that BaFin intends to FAQs that liquidity buffers can be Bundesbank shared the view that Bundesbank postponed the stress scope of prohibitions on short-
lower the countercyclical capital used without any approval of the the current situation does not test for less-significant institutions selling.
buffer from 0.25% to 0% as of supervisors in the current stress lead to an undifferentiated, planned for 2021 to 2022.
April 1. situation as foreseen in the automatic transfer of financial
March 24: BaFin recommends regulation. instruments from Level 1 to Level
firms pause share buybacks and 2 or Stage 3.
carefully consider dividends and
bonuses.
March 30: BaFin confirmed that
they expect banks to not pay any
dividends or distribute profits
until at least October 2020.
March 31: BaFin issued a general
order to reduce the quota for
domestic countercyclical capital
buffer from 0.25 percent to 0
percent as of April 1.
August 4: BaFin reiterated its
position on dividend payments.
September 21: BaFin will let less
significant institutions under its
supervision exclude certain
iif.com © Copyright 2020. The Institute of International Finance, Inc. All rights reserved. Page 19Provisioning, Definition of
Consultations/ Other (reporting, stress
Jurisdiction Capital Liquidity Default and NPL-related
Implementation Timetables testing, conduct, etc.)
measures
exposures to central banks from
the leverage ratio.
Hong Kong March 16: HKMA lowered the April 3: HKMA announced March 30: HKMA announced that March 30: HKMA said it would April 7: HKMA issued a letter on
counter-cyclical buffer level from measures to increase the banking it is in discussions with relevant defer Basel III implementation in AML/CFT measures during COVID-
2.0% to 1.0% to support banks in sector’s liquidity and encouraged bodies about the application of line with BCBS’s updates. 19.
extending credit facilities to banks to use their liquidity buffers expected credit loss provisioning March 31: SFC said it is extending April 21: SFC released a statement
customers. even if their LCRs fall below the requirements and expects to the implementation deadlines of on its commitment to providing
July 7: HKMA announced that the requirement. make a further announcement certain intermediary regulations. regulatory relief during COVID-19.
countercyclical capital buffer April 3: HKMA said the current soon. May 7: SFC will postpone the April 22: HKMA decided to
remains unchanged at 1.0%. level of regulatory reserves will be April 8: HKMA decided to lower implementation of initial margin postpone the 2020 Supervisor-
reduced by half. the regulatory reserve requirements for non-centrally Driven Stress Test until 2021.
requirement used for provisioning cleared over-the-counter
by 50% with immediate effect. derivative transactions by one
May 25: HKMA clarified its year, in line with IOSCO and BCBS.
expectation on treatment of May 25: HKMA will defer the final
expected credit loss provisioning. two implementation phases of
margin requirements for non-
centrally cleared OTC derivatives
by an additional year until 1
September 2022.
India March 27: Reserve Bank of India March 27: Reserve Bank of India April 17: Reserve Bank of India April 17: Reserve Bank of India March 20: SEBI announced
decided to maintain current decided to defer the permitted to grant a moratorium outlined detailed instructions regulatory measures including
minimum capital conservation implementation of the Net Stable of three months on payment of all relating to extension of resolution position limits on stocks and
ratios until September 30 with the Funding Ratio to October 1. term loan instalments falling due timelines. derivatives.
last tranche of the capital April 17: Reserve Bank of India between March 1 and May 31 and May 23: Reserve Bank of India April 20: SEBI decided that the
conservation buffer delayed to announced to reduce Statutory clarified to exclude from the further extended timelines for measures implemented since
September 30. The pre-specified Liquidity Ratio (SLR) by 18% and number of days past-due for the resolution review. March 23, 2020 will continue to
trigger for loss absorption through increase Marginal Standing purpose of asset classification. be in force till May 28, 2020.
conversion/write-down of Facility to 3%, permit SLR-eligible
iif.com © Copyright 2020. The Institute of International Finance, Inc. All rights reserved. Page 20Provisioning, Definition of
Consultations/ Other (reporting, stress
Jurisdiction Capital Liquidity Default and NPL-related
Implementation Timetables testing, conduct, etc.)
measures
Additional Tier 1 instruments will assets to be recognized as HQLA, They also issued guidance on April 29: Reserve Bank of India
remain at 5.5% of RWA until and allow banks to operate under provisioning. provided a list of regulatory
September 30. 100% Liquidity Coverage Ratio for May 23: Reserve Bank of India returns which can be submitted
April 1: Reserve Bank of India said certain period. extended the moratorium on with a delay of a maximum of 30
it will not activate the September 29: Reserve Bank of payment of term loans by another days from the due date.
countercyclical capital buffer. India decided to defer the three months. May 22: SEBI announced it would
April 17: Reserve Bank of India implementation of NSFR August 6: Reserve Bank of India extend the regulatory measures
decided that all banks shall not guidelines until April 1, 2021. confirmed asset classifications implemented on March 23, 2020
make any further dividend and provisioning under the until June 25, 2020.
payouts from the profits Resolution Framework for COVID- June 18: SEBI announced it would
pertaining to the financial year 19-related Stress. extend the regulatory measures
ended March 31, 2020 until announced on March 20, 2020 to
further instructions. July 30, 2020.
June 21: Reserve Bank of India July 21: SEBI announced it would
assigned 0% risk weights to the extend the regulatory measures
Guaranteed Emergency Credit announced on March 20, 2020 to
Line under the Emergency Credit August 27, 2020.
Line Guarantee Scheme.
September 29: Reserve Bank of
India decided to defer the
implementation of the last
tranche of 0.625% of the Capital
Conservation Buffer from
September 30, 2020 to April 1,
2021.
Indonesia May 28: OJK announced Credit April 14: Bank Indonesia raised April 16: OJK issued guidelines for March 23: OJK extended the March 23: OJK prohibits short
Treatment / Restructuring the Macroprudential Liquidity accounting treatment, especially submission deadlines for certain selling transactions from March 2
Financing in accordance with POJK Buffer by 200 basis points for in the application of Financial reports by two months. until at a specified date
Stimulus is excluded from the Instruments and Fair Value March 31: Bank Indonesia relaxed determined by the OJK.
Measurement. mandatory reporting for
iif.com © Copyright 2020. The Institute of International Finance, Inc. All rights reserved. Page 21Provisioning, Definition of
Consultations/ Other (reporting, stress
Jurisdiction Capital Liquidity Default and NPL-related
Implementation Timetables testing, conduct, etc.)
measures
calculation of low-quality assets conventional commercial banks, commercial banks and all other
or Loans at Risk (LAR). beginning May 1. parties effective from 31st March
May 28: OJK temporarily removed May 28: OJK temporarily relaxed 2020 until a date yet to be
the obligation to fulfill the 2.5% obligations to fulfill Liquidity determined.
Capital Conservation Buffer for Coverage Ratio (LCR) and Net May 28: OJK postponed the
certain banks until March 31, Stable Funding Ratio (NSFR) for implementation of Basel III
2021. Reforms to January 1, 2023.
certain banks as low as 85% by
March 31, 2021. Banks are
required to prepare action plans
to return the fulfillment of LCR
and NSFR to 100% no later than
30 April 2021.
Italy March 20: Banca d’Italia March 20: Banca d’Italia * * March 17: CONSOB prohibited
confirmed all banks and non-bank confirmed all banks and non-bank short selling on the entire Stock
intermediaries are allowed to intermediaries are allowed to Exchange list.
operate temporarily below the operate temporarily below the March 20: Banca d’Italia extended
level of the Pillar 2 Guidance and liquidity coverage ratio. deadlines of reporting obligations.
the capital conservation buffer. April 15: CONSOB further
March 27: Banca d’Italia suspended all regulation related
recommended that, at least until to COVID until May 11, 2020.
October 1, all banks and banking April 22: Banca d’Italia issued a
groups under its supervision will number of updates on supervisory
not pay out any dividends and will reporting obligations.
not take on any irrevocable May 18: CONSOB suspended the
commitments regarding the ban on creating net short
payment of dividends for the positions or increasing existing
financial years 2019 and 2020; net short positions.
and will refrain from carrying out
iif.com © Copyright 2020. The Institute of International Finance, Inc. All rights reserved. Page 22Provisioning, Definition of
Consultations/ Other (reporting, stress
Jurisdiction Capital Liquidity Default and NPL-related
Implementation Timetables testing, conduct, etc.)
measures
share buy-backs aimed at
remunerating shareholders.
March 27: Banca d’Italia has
maintained the countercyclical
buffer rate at 0% for Q2 of 2020.
July 26: Banca d’Italia will keep
the countercyclical buffer rate at
0% for Q3 of 2020.
July 28: Banca d’Italia updated its
dividend restrictions and buffer
policies to be in line with the
ECB’s recommendations.
Japan March 17: JFSA confirmed banks March 17: JFSA confirmed a * March 30: JFSA announced the March 30: JFSA confirmed a
can use capital buffers when flexible approach to banks consideration of deferral of its flexible approach to banks filing
necessary to maintain lending breaching the liquidity coverage Basel III implementations deadline.
volume. ratio. schedule, in line with BCBS’s August 31: JFSA published a
March 17: JFSA confirmed that recent update. Also confirmed summary of its priorities for July
certain rescue lending activity that Net stable funding ratio will 2020-June 2021 in light of COVID-
would be risk-weighted at 0%. not be implemented for at least a 19.
April 8: JFSA and BOJ have agreed year.
to develop measures to April 14: JFSA will extend deadline
temporarily exclude central bank for contracts for Settlement Agent
deposits from the leverage ratio for Bank’s Electronic Settlement
exposure measure. System until the end of
April 17: JFSA proposed to September if they have shown
remove central bank reserve from their will to settle contract by end
the calculation of leverage ratio of May.
and maintain the current ratio. April 15: JFSA said companies can
defer annual meetings in relation
to the recent announcement of
iif.com © Copyright 2020. The Institute of International Finance, Inc. All rights reserved. Page 23Provisioning, Definition of
Consultations/ Other (reporting, stress
Jurisdiction Capital Liquidity Default and NPL-related
Implementation Timetables testing, conduct, etc.)
measures
the revision of the Cabinet Office
Order on Disclosure of Corporate
Affairs which will extend the filing
deadline of annual and quarterly
securities reports, etc. to the end
of September.
April 15: JFSA proposed to defer
the implementation of the final
two phases of the margin
requirements for non-centrally
cleared derivatives.
Mexico March 31: CNBV issued April 8: CNBV relaxed certain March 25: CNBV issued special March 26: CNBV suspended *
recommendations for banking liquidity rules, by deciding that accounting criteria, applicable to hearings and procedures during
institutions to refrain from banks can register as liquid assets institutions of credit. The support March 23 to April 19.
agreeing to the payment of those that had been eligible for will consist of the partial or total April 8: CNBV announced a delay
dividends, share repurchases, or the Liquidity Coverage Ratio (LCR) deferral of capital and/or interest in the implementation of
any other mechanism tending to until February 28 and will also payments for up to 4 months. regulatory standards including
reward shareholders. grant some exceptions for April 8: CNBV said it will delay the Business Indicator Method and
April 8: CNBV will grant corrective measures if a bank’s implementation of IFRS9 to TLAC requirements.
temporary regulatory flexibility LCR falls below 100%. January 1, 2022. April 8: CNBV announced that it
until March 31, 2021 so that September 23: CNBV extended April 15: CNBV issued will extend certain reporting
banks can use their capital liquidity requirements until March adjustments to the special deadlines.
buffers. 2021, with which banks will be accounting criteria and extended
September 23: CNBV extended able to temporarily reduce their the target of its treatment for
flexibility on the use of the capital liquidity buffers below 100%. credit institutions.
buffer until December 31, 2021. April 27: CNBV issued special
accounting criteria and
information on loan modifications
for savings and credit institutions.
iif.com © Copyright 2020. The Institute of International Finance, Inc. All rights reserved. Page 24Provisioning, Definition of
Consultations/ Other (reporting, stress
Jurisdiction Capital Liquidity Default and NPL-related
Implementation Timetables testing, conduct, etc.)
measures
September 23: CNBV announced
a new package of measures for
credit restructuring.
Netherlands March 17: DNB said that systemic March 20: DNB allowed banks to April 24: DNB guided banks to March 17: DNB announced that March 16: AFM concurs with the
buffers will be lowered from 3% temporarily operate below the avoid excessively procyclical the introduction of a floor for ESMA decision to temporarily
of global risk-weighted exposures liquidity coverage ratio. assumptions in their expected mortgage loan risk weighting will requiring the holders of net short
to 2.5% for ING, 2% for Rabobank credit loss (ECL) estimations be postponed. positions to notify the relevant
and 1.5% for ABN Amro. during the COVID-19 pandemic national competent authority.
March 17: DNB emphasized that March 27: AFM announced it
banks use freed-up capital to would exercise forbearance for
support lending, and not to pay delayed financial reports, in
dividend or share repurchases. accordance with ESMA
March 20: DNB allowed banks to recommendations.
temporarily operate below the April 16: DNB extended
level of capital as defined by the submission deadlines for certain
Pillar 2 Guidance and the capital supervisory reporting.
conservation buffer.
March 20: DNB stated that Pillar 2
Requirements can partially be met
by capital instruments that do not
qualify as Common Equity Tier 1
capital.
March 23: DNB deferred extra
capital requirement for mortgage
loans until further notice.
May 12: DNB clarified treatment
for real estate valuation and
capital requirements.
May 27: DNB extended temporary
relief measure for internal model
iif.com © Copyright 2020. The Institute of International Finance, Inc. All rights reserved. Page 25Provisioning, Definition of
Consultations/ Other (reporting, stress
Jurisdiction Capital Liquidity Default and NPL-related
Implementation Timetables testing, conduct, etc.)
measures
capital requirements for market
risk.
June 19: DNB has decided to leave
the CCyB unchanged at 0%.
July 6: DNB supported the ESRB’s
recommendation that investment
firms limit distributions.
July 28: DNB extended its call for
banks to refrain from paying
dividends and buying back own
shares in accordance with ECB’s
announcement.
September 17: DNB said it will
give leverage ratio flexibility to
smaller banks under its
supervision, in line with the ECB.
September 25: DNB left the CCyB
unchanged at 0%.
Norway March 13: Ministry of Finance March 13: Finanstilsynet April 3: Finanstilsynet provided June 15: Finanstilsynet March 13: Finanstilsynet
lowered the countercyclical confirmed companies can use the guidance on treatment of IFRS9. postponed the implementation of announced postponement of
capital buffer level from 2.5% to liquidity reserve to cover liquidity April 3: Finanstilsynet explained SREP to 2021 and decided not to certain reporting deadlines.
1.0% to support banks in output in a stress situation. the EBA guideline on non- make new Pillar 2 decisions in the June 11: Finanstilsynet decided to
extending credit facilities to performing loans and clarified second half of 2020. extend the lower threshold for
customers. that though no moratoriums are reporting net short positions
March 13: Norges Bank said that (0.1%) for three months in
in Norway, the guideline can be
when banks’ general meetings accordance with ESMA.
applied to companies operating in
decide on dividend payments, June 23: Finanstilsynet decided
they should in the period ahead countries with moratoriums. not to implement the EBA
take account of the extraordinary April 20: Finanstilsynet specified guideline on reporting published
situation now facing. how the capital requirement on June 2.
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